News

Brooks sells off landmark store

THE Limerick businessman Aidan Brooks has put the House of Fraser store in Manchester up for sale and is said to be seeking more than £80m (€115m) for the property.

The landmark building has 43 years left on its lease and is believed to be earning rents of £3.3m a year. This would indicate a yield of about 4% for investors.

The property is owned by the company A Brooks Properties.

Brooks regularly buys property in Britain and America on behalf of John Magnier and JP McManus through a company called Sloan Capital.

Brooks has had a busy few months. In April, he purchased Sainsbury’s Pimlico “market” for £55m from Delancey Estates. The location was chosen as a test site for the Sainsbury retailing concept, where produce was presented on displays resembling market stalls.

Brooks, 35, has bought extensively in London, acquiring properties in top shopping areas such as Bond